An Oligopoly Is a Market Structure in Which There Are

question 217

Multiple Choice

An oligopoly is a market structure in which there are

• A) only a few buyers but many sellers.
• B) only a few sellers selling either an identical or differentiated product.
• C) many sellers selling a differentiated product.
• D) a few products sold by many sellers.

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Definitions:

Cognitive Dissonance

A state of mental discomfort arising from holding two or more conflicting beliefs, values, or attitudes.

Confrontation

A direct encounter between parties or individuals, where conflicts or disagreements are addressed head-on.

Decrease

A reduction in size, quantity, or intensity of something.

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true, due to positive feedback between belief and behavior.